Even as the COVID-19 pandemic and the lockdown to combat it has brought the economy to a near standstill, the Centre has gone ahead and set its Income Tax authorities a daunting target of collecting ₹13.2 lakh crore for the fiscal year ending in March 2021.
In a correspondence to all Principal Chief Commissioners of Income Tax (PCCIT) dated April 16, the Central Board of Direct Taxes (CBDT) has spelt out zone wise targets for the collection of corporate tax, personal income tax and security transaction tax (STT).
The figures, which are a reiteration of the revenue receipt estimates spelt out by Finance Minister Nirmala Sitharaman in the Union Budget presented in February, comrprise a corporation tax component of ₹6.81 lakh crore, personal income tax of ₹6.25 lakh crore and STT at ₹13,000 crore.
“The budget target of each cadre controlling PCCIT has been fixed keeping in view the revenue potential of each region, which is based on the we